GLOBAL RECYCLED GLASS MARKET FORECAST 2020-2028

GLOBAL RECYCLED GLASS MARKET FORECAST 2020-2028

Inkwood Research estimates that the global recycled glass market will grow at an anticipated CAGR of 5.59% in terms of revenue during the forecast period, and is projected to reach a revenue of $ 6.67 billion by 2028. In terms of volume, the product is predicted to showcase a CAGR of 6.19%, and will reach 52.7 Billion Kg by 2028. The base year considered for the market study is 2019, while the forecasted period is between 2020 and 2028.

Inkwood Research estimates that the global recycled glass market will grow at an anticipated CAGR of 5.59% in terms of revenue during the forecast period, and is projected to reach a revenue of $ 6.67 billion by 2028. In terms of volume, the product is predicted to showcase a CAGR of 6.19%, and will reach 52.7 Billion Kg by 2028. The base year considered for the market study is 2019, while the forecasted period is between 2020 and 2028.

The global recycled glass market growth is propelled by:

Rise in awareness of sustainable development

Favorable government regulations

Advancements in recycling for glass

Sustainable development and environmental awareness have been contributing significantly toward the growth of the recycling market. Hence, it is expected to have a positive impact on the market. Glass is a recyclable material that offers ecological benefits, such as contributing to amending climate change and saving natural resources. Lightweight reinforcement glass fibers are utilized to generate renewable energy through solar-thermal and photovoltaic applications and wind turbines. Due to all these advantageous properties, it becomes necessary to recycle glass. Therefore, the demand for recycled glass is increasing in several applications, including automotive, energy, and power. Furthermore, technological advancements in recycling methods are further fueling the market growth.

Bottles & Containers is the leading segment of revenue with a market share of 37.21% in the forecast period. Glass bottles and containers are often utilized to pack liquids such as soda, juice, beer, and wine, and are accepted in most curbside recycling programs. For instance, Massachusetts has developed a deposit law named Bottle Bill for carbonated drinks and beer bottles. This has resulted in a high recycling rate for the beverages and offers an added incentive to collect these containers, thereby driving the demand for recycled glass.

Moreover, the flat glass segment is anticipated to grow at a CAGR of around 6.48% in terms of revenue during the forecast period. Flat glass is formed by melting a mix of raw materials like limestone, soda ash, and sand. Recycled flat glass is also added to the mix and re-melted to produce new glass.

However, the inefficiency and exorbitant costs levied on the recycling of glass are restraining the growth of the recycled glass market. Breakage of glass and cross-contamination leads to an increase in processing costs. Several communities are creating awareness to place glass bottles and jars in single-stream carts. However, some communities have discontinued glass collection in their recycling programs challenging the growth of the market.

In terms of revenue, the European market region is estimated to be the fastest as well the largest market, holding a share of 40.69% in the year 2019. The region is projected to grow at a steady pace during the forecast period. The average glass recycling rate in Europe is steady at 74%. In order to produce new glass containers, over 11.6 million tons of glass bottles are collected, and then recycled into food-grade quality material. Countries like Sweden and Slovenia have separate collection systems to perform beyond 95%. The supportive government regulations and promotion of glass recycling at institutional, public, and professional levels are driving the growth of the recycled glass market.

The key players involved in the global recycled glass market:

Coloured Aggregates Inc

Gallo Glass Company

Momentum Recycling

Others

In October 2018, Momentum Recycling announced the addition of a new glass recycling drop-off location for residents of Cottonwood Heights.

Key trends of the global recycled glass market:

Europe dominated the global recycled glass market by garnering the largest market share of around 40.69 % in 2019.

The advances in recycling techniques methods are driving the overall market growth.

The cullet segment is projected to grow with a CAGR of 6.33% in terms of volume during the forecasted period.